Foeclosure On Prop Not Home???
How does this seem to work or does it?? the land is foreclosing according too realtytrac not the home that sits on it. Is trac a waist of my time and money?? please anyone out there that uses the same tracking?? If so can it be used to my advantage as well?? [ Edited by rdm on Date 04/13/2004 ]
If the house is attached to the property then it is also being foreclosed.
There are a few situations in which the dwelling on the land does not accompany the change in title on a foreclosure. That is where there is a specific exception and this exception is stated in the Deed of Trust and usualy a special rider is attached and recorded under a following number at the recorders office.
It is done when land is under long term lease and special arrangements have been made for temporary siting of a dwelling unit. Like a mobile home or a lifted trailer with wheels still attached.
What I am looking at is land located on Indian Reservation with a long term lease and with restrictions as to attachment of homes or structure. I keep thinking of a case where they built a chicken house to raise chickens and the lease was foreclosed and removed and the chicken house was in limbo. It took a court order which then allowed the owner of the chicken house to remove it. Of course it all went moot when some idiot with a bulldozer knocked it all down by mistake.
Only in California Lucius 8-) 8-)
Lufos, that's funny but yet not , red tape really is a pain in the a-s at times when least needed. But I don't know if I should trust and go down to records to find out what the ?? with realtytracs info. I've approched many homes and got alot of ill notifications by owners that did not appreciate my intensions. But may it be worth it??
[ Edited by rdm on Date 04/13/2004 ][ Edited by rdm on Date 04/13/2004 ]